executed contract

completed

informal contract

oral; not enforceable

what results in contract termination?

"novation"

change original terms of contract

31

"parol evidence rule"

written word take precedence over oral in contract law

32

"assignment of contract"

third person takes place of an original person

33

List types of listing agreements

1. open listing- any number of brokers are hired and whomever sells gets commission2. exclusive- one broker, but no commission if owner sells. 3. exclusive right to sell- listing broker is entitled to commission regardless.